Rich Duprey at The Motley Fool has an insightful post regarding the future of the payday loan and pawn industry. His post states, “Greater sales volume for merchandise, an increase in same-store-sales and higher fees generated from payday loans allowed EZCORP and rival First Cash Financial Services (Nasdaq: FCFS) to achieve rich results last quarter.”
The point is made that our payday loan customers, like most citizens of the world, are loaded with debt and have no one to turn to but us. Who but a payday loan lender will advance $300 to $1500 with little more than a promise to pay us back. A job and a bank account is all that is required.
Read the full article here; it’s great reading… Rich Duprey & The Motley Fool